ZURICH, Nov 27 (Reuters) - Barclays' private bankin Switzerland has dropped out of a U.S. programme aimed atcracking down on wealthy Americans evading taxes through hiddenoffshore accounts, the British bank's market head forSwitzerland said on Thursday.
"We have recently exited the programme," Barclays executiveFrancesco Grosoli said at an event in Zurich, adding that thebank had done so "three or four months ago" after evaluating itsoptions and seeking advice. Grosoli did not elaborate.
A host of Swiss banks have come forward to join theprogramme, which requires them to hand out some previouslyhidden information and potentially face penalties of up to 50percent of assets they managed on behalf of U.S. clients. (Reporting By Oliver Hirt; Writing by Katharina Bart)
Barclays (BARC)
